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Open a Puerto Rico Bank Account


The Commonwealth of Puerto Rico is an unincorporated US territory with self-governing status. It is located in the northeast Caribbean sea, east of the Dominican Republic and west of the Virgin Islands. Its west coast is located approximately 1536 kilometers southeast of the coast of Florida.As a US territory, Puerto Rico enjoys a close political and economic relationship with the US, but also retains a certain level of autonomy with regards to its fiscal and economic policies. This has allowed the territory to emerge as a tax-neutral and highly attractive offshore destination for the establishment of offshore businesses and bank accounts.
Bank Account Key details
Minimum deposit to open Bank Account: USD 500
Good For: precious metals Trading, crypto Business, Savings, Corporate Credit Cards
Eligibility: Offshore Companies, Nonresident companies
Personal Visit: Not required
We will assist with up to 3 different banks
Corporate Bank Account Fee: £649

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Puerto Rico is a major financial jurisdiction, which offers trusted confidentiality and a secured banking system, and the clients/ Accounts funds are not exposed to the Puerto Rico debt situation. SFM maintains business ties with one of the top tier banks in the region and can offer its clients unrivaled support in setting up an offshore bank account in Puerto Rico.
Puerto Rico became part of the United States following the Spanish American War in 1898. The Commonwealth itself began to take shape in 1950, under the governorship and direction of Mr. Luis Muñoz Marín. In that year, the then Resident Commissioner, Mr. Antonio Fernós, presented, a project providing for “the organization of a Constitutional Government by the people of Puerto Rico.”The Administration of President Truman and the Congress gave a very good reception to the project, which became Law 600 of the United States Congress, of July 3, 1950, the day it was signed by President Truman. Then, the Legislature of Puerto Rico approved it by referendum, which was held on June 4, 1951. That day, Puerto Rican voters accepted with their votes to draft their own Constitution, depositing in the polls 387,016 votes in favor and 119,169 in against. On August 27, the delegates to the Constituent Assembly were elected. 70 members were elected by the Popular Democratic Party, 15 by the Puerto Rican States Party and 7 by the Socialist Party. The members of the Puerto Rican Independence Party abstained from voting in these elections.The Constituent Assembly drafted the Constitution, and on March 3, 1952 it was submitted to the people of Puerto Rico for acceptance or rejection: 374,649 voted in favor and 82,923 against.On July 25, 1952, the validity of the Commonwealth of Puerto Rico was proclaimed, in a ceremony presided over by its creator, Mr. Luis Muñoz Marín.
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